Pbb Deutsche Pfandbriefbank and Deutsche Asset Management have joined forces to provide a £69 million refinancing of a mixed-use block on London’s Savile Row.
The German bank and the asset manager have written the loan to property investor Aerium to refinance its retail and office property at 49/51 Conduit Street and 24 Savile Row in the Mayfair area of the UK capital.
Pbb provided the senior portion of the financing – a £44 million facility – while Deutsche AM, on behalf of German pension fund BVK, provided a mezzanine facility of £25 million. The transaction closed in May 2017, pbb said.
The 7,990 square feet building, which was redeveloped by Aerium in 2015 is let to the Italian luxury clothing designer Dsquared2 and serves as its flagship UK store. The upper levels offer 22,013 square feet of Grade A office accommodation, which is fully let to a variety of tenants.
“The transaction reflects a willingness to back the right property and to offer attractive senior financing solutions to our clients alongside lending partners such as Deutsche AM,” said Charles Balch, head of international clients, UK and CEE at pbb.
“The facility provides us with attractive and flexible funding options for the asset in addition to the opportunity to strengthen our long-term working relationships with pbb and Deutsche AM,” added Robin Carr, head of UK and co-chief investment officer at Aerium.